Trade and Industry Secretary Peter B. Favila has favorably endorsed the planned amendments to the economic provisions of the Constitution buttressing calls to open up the economy to foreign investors to sustain domestic growth.
"That has been the position of the government," Favila said.
Favila said the issue of land ownership could be an emotional issue but he said that it is about time this would be open to foreign participation.
Favila also noted that the Philippines has a binding commitment with the World Trade Organization to open up financial services sector.
Philippine business leaders are taking steps to put the country on an even keel with its more prosperous neighbors, starting with the resolve to wangle from Malacanang new economic resolutions that will pave the way for a competitive globalized economy.
Already, the Philippine Business Conference, Philippine Chamber of Commerce and Industry has proposed that government restructure "economic provisions" on land ownership, which is currently exclusive to the Filipinos.
"Not to completely liberalize but to only …